JPMorgan upgrades BlackRock to overweight, lifts target to $1,364

According to CNBC, JPMorgan upgraded BlackRock to overweight from neutral and raised its price target to $1,364 from $1,165, implying nearly 25% upside from Wednesday's close. Analyst Michael Cho said BlackRock is a best-in-class asset manager with growth drivers across multiple business lines and said the stock should catch up with its strong fundamentals after the company's second-quarter earnings report. BlackRock reported adjusted earnings of $13.91 per share on revenue of $7.08 billion for the second quarter, compared with FactSet estimates of $12.69 per share and $6.73 billion in revenue. Assets under management rose to $15.345 trillion from $14.842 trillion, and the stock gained nearly 7% on Wednesday after the results, though it is up just 2% in 2026.